RE-INSURANCE

Details

07 June 2005

Hudghton (Greens/EFA) - As I did at the Committee stage, I supported today the compromise package as commended to us in the Skinner Report. Financial services make a very substantial contribution to the economy of Scotland, and re-insurance, whether directly or indirectly, affect Scottish-based enterprises and consumers. I welcome this proposal, which makes progress towards a Europe-wide system of re-insurance provision and regulation, as well as providing an opportunity to tackle the situation in the USA, where vast amounts of capital are tied up because of their collateral requirement leading to extra costs currently being passed on to consumers. The rapporteur is to be congratulated for his work on this document.